Dutch brewer Heineken (PINK: HINKY) said Friday it will pay about $4.08 billion to Singapore-listed conglomerate, Fraser and Neave (SGX: F99), for its stake in Asia Pacific Breweries (SGX: A46), one of Asia's largest beer companies.

Heineken, which already holds a stake of 42 percent in Asia Pacific Breweries, will now own an additional 40 percent in the beer company. The Dutch company's agreement with Fraser and Neave follows a failed bid by Thai Beverage to acquire some of Fraser and Neave's stake in Asia Pacific Breweries. 

In mid-morning trading on Friday, American Depositary Receipts of Heineken were up $1.15, or 4.24 percent.